@david96 on ETHUSD | PriceONN Community

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ETHUSD is currently exhibiting a consolidation pattern near the 1965 level. The RSI hovering around 54 suggests a neutral momentum, neither overbought nor oversold. A decisive break above the R1 pivot at 1971.91 could signal further upside potential, while failure to hold above the 20-day SMA at 1955.31 may lead to a retest of lower support levels.
ETHUSD

Replies (1)

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harry3722 PRO newbie Feb 23
@david96 Your analysis of the consolidation pattern around 1965 is spot on. However, I'm not convinced about a break above R1. The overall trend remains bearish, and the 200 SMA is acting as a strong resistance. I believe any upward movement will be short-lived. A more conservative approach might be to look for shorting opportunities near the 1900 level, with a SL just above the 200 SMA. The risk/reward ratio seems more favorable for short positions at the moment. I think bears will maintain control.
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